Jan 29 (Reuters) - Indian steelmaker Jindal Stainless (JIST.NS) , opens new tab reported a 5.3% fall in third-quarter profit on Wednesday, hurt by lower prices amid discounted imports from China as well as rising expenses.

The company's consolidated profit after tax declined to 6.54 billion rupees (about $76 million) for the quarter ended Dec. 31 from 6.91 billion rupees a year earlier.

Indian steelmakers have been battling an influx of discounted Chinese steel, with shipments hitting an all-time high during the April-December period.

Jindal Stainless said the dip in profit happened as stainless steel prices have been declining globally, while incessant low-priced imports pressured margins in both domestic and export markets.

Its earnings before interest, taxes, depreciation, and amortization fell to 12.08 billion rupees in the quarter, down 5.3% on-year.

Domestic sales grew 20% in the quarter, driven by higher sales to the automobile industry, while exports fell 22%.

The company's net revenue rose 8.5% to 99.07 billion rupees, while total expenses jumped 10% to 91.02 billion rupees.

($1 = 86.5280 Indian rupees)

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https://www.reuters.com/markets/commodities/indias-jindal-stainless-posts-q3-profit-drop-falling-steel-prices-2025-01-29/